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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2024-03-01 00:00:00",
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      "kind": "callout",
      "text": "Value-Destructive M&A and Capital Allocation",
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      "text": "In our view, the Fox acquisition highlights the Board's poor oversight on capital allocation and concerning alignment issues",
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      "text": "Disney ex-Experiences EBIT ($bn)",
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      "text": "Mr. Iger's Post-Fox Total Target Compensation",
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      "kind": "list",
      "text": "$71 billion Fox acquisition was strategically flawed; Acquisition put stress on Disney's balance sheet; Shareholders have witnessed significant value destruction",
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      "text": "In our view, the Fox deal was the result of misaligned incentives",
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      "text": "Fox has (still) not delivered on promises financially",
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      "text": "EBIT: $71bn",
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      "kind": "source-note",
      "text": "Note: See pages 58 - 60 for supporting analysis. Target and Max compensation levels are derived from the original compensation package awarded to Mr. Iger in December 2017 at the time that the Fox acquisition was announced.",
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      "kind": "title",
      "text": "The $71 Billion Fox Acquisition Resulted From a Board Failure on Multiple Fronts",
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